Shoals Technologies Group (NASDAQ:SHLS) Trading 7.2% Higher – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares traded up 7.2% during mid-day trading on Thursday . The stock traded as high as $5.99 and last traded at $5.93. 3,266,242 shares changed hands during trading, a decline of 34% from the average session volume of 4,978,896 shares. The stock had previously closed at $5.53.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHLS. Royal Bank of Canada restated an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Bank of America began coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Roth Mkm lowered their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Finally, Piper Sandler cut their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and a consensus target price of $10.64.

Shoals Technologies Group Trading Up 7.8 %

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The firm has a market cap of $993.53 million, a price-to-earnings ratio of 29.80, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The business’s 50-day moving average price is $5.08 and its two-hundred day moving average price is $5.60.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The business’s revenue for the quarter was down 23.8% compared to the same quarter last year. Equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. The trade was a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 6,460 shares of company stock valued at $30,271. Company insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Shoals Technologies Group by 146.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after acquiring an additional 93,400 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after buying an additional 1,666,691 shares during the last quarter. Point72 Europe London LLP acquired a new stake in shares of Shoals Technologies Group during the third quarter worth approximately $1,461,000. Handelsbanken Fonder AB increased its stake in shares of Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after buying an additional 690,344 shares during the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in Shoals Technologies Group in the third quarter valued at $20,191,000.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.